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October 22, 2008

Commerzbank opens a representative office in Turkmenistan

The Central Bank and the Ministry of Economy and Development in Turkmenistan have granted Commerzbank the licences to establish a representative office in the Turkmen capital of Ashgabat. Management of the new office, which commenced operations in mid-October, will be taken over by Carsten Theuer. Theuer, who has been with the bank for 15 years, has already gained extensive experience in Central Asia, having headed the representative office in the Usbek capital of Tashkent from 1998 to 2003. In Ashgabat he will be the contact person for local banks, as well as for German and international companies. Theuer will also intensify connections with Organisations and Associations of the Republic of Turkmenistan.

Turkmenistan is steadily gaining importance. Its gross domestic product has been growing for several years at an annual rate of nine per cent, and an increasing number of German companies are investing in this Central Asian country. "We want to provide our customers with support at a local level in Ashgabat too", says Per Fischer, Head of Financial Institutions at Commerzbank. "With locations in Almaty, Tashkent and Baku we have a stronger presence in the region than other European banks".
The opening of the new office in Ashgabat means that Commerzbank is currently represented in 47 countries.

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